WisdomTree U.S. MidCap Dividend Fund

DONWisdomTreeEquity
Expense ratio0.38%
Net assets$3.96B
Holdings294
Yield (TTM)2.5%
1 week+1.0%
1 month+3.6%
3 months-1.1%
6 months+4.1%
YTD+11.9%
1 year+12.2%
3 years*+16.5%
5 years*+8.6%
10 years*+9.7%

Total returns with distributions reinvested; * a year. Prices as of Oct 27, 2026 · filings through Jun 30, 2026 · page updated Nov 3, 2026

At a glance

DON charges 0.38% a year, above the 0.21% average of the 8 funds most like it (the 7th cheapest of 9). It has $3.96B in assets, the 3rd largest of that group; it paid 2.5% of its price in distributions over the past 12 months, monthly. Over the past year it returned +12.2% with distributions reinvested (S&P 500: +11.5%), 4th of those 9 funds; over three years it returned +16.5% a year. At its worst it fell 46.5% in the 2020 crash (S&P 500: 33.7%) and 15.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 4 months after the lows. Its ten largest positions make up 10.7% of the fund, out of 294 in all.

The short version

WisdomTree U.S. MidCap Dividend Fund (DON) is an index ETF that tracks the WisdomTree U.S. MidCap Dividend Index. As of June 30, 2026, that meant 294 mid-sized U.S. companies that pay regular cash dividends. Most mid-cap funds weight companies by size. DON weights them by the dividends they are expected to pay, and it pays income monthly. That approach costs 0.38% a year, above the 0.21% average of similar funds.

Price history

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DON +12.2% over the year to Oct 27, 2026, total return with distributions reinvested.

Prices through Oct 27, 2026. Total return: the price with distributions reinvested.

How it has behaved

Volatility (1 year)11.9%annualized; the S&P 500 is usually 15–20%
Worst drop (1 year)-9.1%3 years: -21.4% · all history: -61.9%
Beta vs S&P 5000.52moves less than the market
Sharpe ratio (1 year)0.69return above cash per unit of risk
Since launch+9.2%a year over 20.4 years
Total over 5 years+51%10 years: +151%
52-week range$49.64 – $58.90
Last price $56.72 on Oct 27, 2026, 3.7% below the 52-week high · above its 200-day average ($55.42).
YTD1 yr3 yr5 yr10 yrSince start
DON official prospectus, to Dec 31, 2025—+3.91%—+10.88%+9.51%—
Wisdom Tree U.S. Mid Cap Dividend Index (Reflects no deduction for fees, expenses or taxes) index, same period—+4.26%—+11.34%+9.91%—
S&P Mid Cap 400 Value Index (Reflects no deduction for fees, expenses or taxes) index, same period—+7.58%—+11.01%+10.69%—
S&P Mid Cap 400 Index (Reflects no deduction for fees, expenses or taxes) index, same period—+7.50%—+9.12%+10.72%—
DON price data to Oct 27, 2026+11.9%+12.2%+16.5%+8.6%+9.7%+9.2%
Multi-year figures are annualized total returns with distributions reinvested. "Official" figures are the SEC-standard returns from the fund's prospectus; the price-data row is computed from daily prices.
  • Over the year to Oct 27, 2026, DON returned +12.2%, 4th of 9 among similar funds.
  • Its 5-year annualized return was +8.6% and its 10-year +9.7%.
  • In the 2020 COVID crash it fell 46.5% and regained its old high 10.6 months after the low.
  • Its worst full calendar year was 2008 (-32.3%); its best was 2013 (+33.3%).
  • The deepest fall in its price history was 61.9% (Jun 4, 2007 to Mar 9, 2009), recovered by Mar 30, 2011.
-6%2007-32%200832%200922%20105%201114%201233%201315%2014-1%201520%201615%2017-8%201823%2019-5%202030%2021-5%202214%202314%20244%202512%2026*
15%2017-8%201823%2019-5%202030%2021-5%202214%202314%20244%202512%2026*
Calendar-year total returns from price data, distributions reinvested. * 2026 is year to date. From the prospectus: best quarter +21.55% (Dec 31, 2020), worst -35.90% (Mar 31, 2020).
Show as a table
YearPrice dataProspectus (official)
2026 (to date)+11.9%—
2025+3.9%+3.91%
2024+14.3%+14.12%
2023+14.1%+13.98%
2022-4.7%-4.76%
2021+30.4%+30.19%
2020-5.4%-5.40%
2019+23.4%+23.42%
2018-8.2%-8.27%
2017+14.9%+14.86%
2016+20.4%+20.30%
2015-1.1%—
2014+15.3%—
2013+33.3%—
2012+14.4%—
2011+5.3%—
2010+21.6%—
2009+31.9%—
2008-32.3%—
2007-5.9%—
2008 financial crisis
stocks fell Oct 9, 2007 – Mar 9, 2009
Lost 60.2% over that stretch · deepest drop along the way 60.2%, back to its old high 22.3 months after the low
2020 COVID crash
stocks fell Feb 19, 2020 – Mar 23, 2020
Lost 46.1% over that stretch · deepest drop along the way 46.5%, back to its old high 10.6 months after the low
2022 bear market
stocks fell Jan 3, 2022 – Oct 12, 2022
Lost 11.7% over that stretch · deepest drop along the way 15.7%, back to its old high 4 months after the low

Dividends and income

Yield (last 12 months)2.5%distributions ÷ price
Paid in the last 12 months$1.42per share, split-adjusted
How oftenmonthly 
Latest payment$0.0900Oct 27, 2026
$0.5220072008$0.3920092010$0.4220112012$0.5820132014$0.7720152016$0.8020172018$0.9320192020$0.9720212022$1.1320232024$1.3320252026*
$0.802017$0.842018$0.932019$0.982020$0.972021$1.142022$1.132023$1.182024$1.332025$1.002026*
Distributions per share by calendar year, adjusted for a share split. * 2026 to Oct 27, 2026.
Show as a table
YearPer shareChange
2026 (to date)$1.0000
2025$1.3300+12.7%
2024$1.1800+4.4%
2023$1.1300-0.9%
2022$1.1400+17.5%
2021$0.9700-1.0%
2020$0.9800+5.4%
2019$0.9300+10.7%
2018$0.8400+4.6%
2017$0.8033+2.1%
2016$0.7867+1.7%
2015$0.7733+6.4%
2014$0.7267+26.0%
2013$0.5767-16.8%
2012$0.6933+65.1%
2011$0.4200-11.9%
2010$0.4767+22.2%
2009$0.3900-38.1%
2008$0.6300+20.4%
2007$0.5233
Distributions through Oct 27, 2026.

What's inside

As of Jun 30, 2026, the fund held 294 securities; the ten largest made up 10.67% of assets.

HoldingWeight
FRANKLIN RESOURCES INC1.41%
VIATRIS INC1.28%
BEST BUY CO INC1.27%
STANLEY BLACK & DECKER INC1.08%
AMERICAN FINANCIAL GROUP INC0.97%
ANTERO MIDSTREAM CORP0.95%
APA CORP0.95%
SNAP-ON INC0.94%
HASBRO INC0.92%
PERMIAN RESOURCES CORP0.89%
OGE ENERGY CORP0.88%
OMNICOM GROUP INC0.88%
CLOROX COMPANY0.86%
PINNACLE WEST CAPITAL CORP0.85%
AES CORP (THE)0.85%

By country

United States 99.36%Puerto Rico 0.41%

By asset type

Stocks 99.77%
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.

What changed recently

  • Over the three months to Jun 30, 2026, investors withdrew a net $35.7M (creations minus redemptions, per the N-PORT report).
  • Monthly total returns reported for that quarter: +5.78%, -0.56%, +2.90%.

How it works

DON is a passive fund, meaning it follows an index rather than relying on a manager's picks. WisdomTree builds the index from its own list of U.S. dividend payers. It removes the 300 largest companies, then keeps the firms that make up the top 75% of the remaining market value. To qualify, a company must have paid regular cash dividends over the prior 12 months, be worth at least $100 million, and trade at least $100,000 a day (median) over three months. As of June 30, 2026, index members ranged from $2.4 billion to $33.1 billion in market value, with an average of $9.8 billion.

Once a year, each company is weighted by its share of the total cash dividends the group is expected to pay over the coming year, based on its latest declared dividend. Bigger payers get bigger weights. At that annual reset, no sector can exceed 25%, and real estate is capped at 10%. Between resets, weights can drift above those caps. The fund may hold a representative sample of the index rather than every stock, but it keeps at least 80% of its assets in index members or similar investments.

The result is a widely spread portfolio. As of June 30, 2026, the 10 largest holdings were 10.67% of assets. Franklin Resources was the biggest at 1.4%, and Financials and Industrials were the heaviest sectors.

What it really costs

  • DON charges 0.38% a year, versus an average of 0.21% for the similar funds below (7th of 9, cheapest first).
  • Using the prospectus's standard example, $10,000 invested would cost about $39 in the first year and $480 over 10 years (assuming a 5% annual return).
Cost of $10,000 (SEC example)1 yr3 yrs5 yrs10 yrs
DON$39$122$213$480
SEC standard example: $10,000 invested, 5% annual return, shares sold at the end of each period.

In a retirement portfolio

RoleDiversifier

DON adds mid-sized U.S. dividend payers to a portfolio built mostly on large companies, with modest monthly income, but its history of deep losses rules out a defensive role.

DON could add mid-sized companies and a monthly dividend to a large-cap core. As of October 27, 2026, its trailing 12-month yield was 2.5%, or $1.42 a share. It costs 0.38% a year. Under the SEC's standard example, that is $39 in the first year on $10,000. Owning dividend payers did not shield it in crashes. It fell 60.2% in the 2008 financial crisis and did not recover until January 2011. Its deepest drop, 61.9% from June 2007 to March 2009, took about 25 months to recover from the low. It also fell 46.5% in the 2020 COVID crash and 15.7% in 2022. Its worst calendar year was 2008, at -32.3%. Anyone forced to sell shares in a slump could lock in steep losses. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

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Who it may suit — and who should look elsewhere

May suit

  • Investors who want mid-sized U.S. dividend payers, like Franklin Resources, Snap-On and OGE Energy, weighted by dividends instead of company size.
  • People who value monthly income: the fund paid $1.42 a share over the 12 months to October 27, 2026, a 2.5% yield.
  • Long-term holders of large-cap funds who want broad mid-cap exposure across 294 stocks, with no holding above about 1.4% as of June 30, 2026.

Look elsewhere if

  • Cost-focused investors: 0.38% a year is well above Vanguard S&P Mid-Cap 400 ETF (IVOO) at 0.07% and the 0.21% peer average.
  • Anyone who can't stomach deep drops: the fund fell 61.9% from 2007 to 2009 and 46.5% in the 2020 COVID crash.
  • Investors seeking high yield or index-beating growth: 2.5% is modest, and the fund trailed the S&P MidCap 400 Index over 1 and 10 years through 2025.

Close alternatives

Matched by holdings overlap from the latest N-PORT reports.

FundOverlapCostNet assets1 yr3 yr
DON this fund—0.38%$3.96B+12.2%+16.5%
EZM WisdomTree U.S. MidCap Fund51%0.38%$938.6M+13.8%+18.1%
BKMC BNY Mellon US Mid Cap Core Equity ETF45%0.04%$647.8M+8.5%+17.9%
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity E…43%0.07%$2.03B+16.5%+22.2%
MDYV SPDR S&P 400 Mid Cap Value ETF42%0.15%$2.68B+12.1%+17.8%
IJJ iShares S&P Mid-Cap 400 Value ETF42%0.18%$8.73B+12.0%+17.8%
QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF41%0.15%$426.1M+12.5%+18.3%
PTMC Pacer Trendpilot US Mid Cap ETF41%0.6%$391.5M+11.3%+10.7%
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.

Questions investors ask

Does DON pay monthly dividends?

Yes. DON pays distributions monthly. Over the 12 months to October 27, 2026, it paid $1.42 a share, a trailing yield of 2.5%. The amount can change from month to month because it depends on dividends from the fund's 294 holdings, which include Franklin Resources, Viatris and Best Buy. If those companies cut their payouts, DON's income falls too. The prospectus lists that as a principal risk.

Is DON good for retirement income?

DON can supply monthly income, but the yield is moderate rather than high: 2.5% as of October 27, 2026. Its price has also swung widely. It lost 60.2% in the 2008 financial crisis and 46.5% in the 2020 COVID crash, and it took about 22 and 11 months to recover. Retirees who might need to sell shares in a downturn may want to weigh that history. It may fit better as one part of a broader mix.

What's the difference between DON and EZM?

Both are WisdomTree mid-cap ETFs that cost 0.38% a year, and they share about 51% of their holdings. DON's index admits only companies that paid regular cash dividends and weights them by expected dividends. EZM, the WisdomTree U.S. MidCap Fund, is not limited to dividend payers. As of October 27, 2026, EZM returned 13.8% over one year and 18.1% a year over three years, compared with 12.2% and 16.5% for DON. DON is the larger fund.

What is DON's expense ratio?

DON's expense ratio is 0.38%, according to its prospectus filed July 29, 2026. Under the SEC's standard example ($10,000 invested, a 5% annual return), that comes to about $39 after one year, $213 after five years and $480 after ten. It ranks 7th of 9 on cost among similar mid-cap funds, which average 0.21%. Vanguard S&P Mid-Cap 400 ETF (IVOO) and JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (BBMC) each charge 0.07%.

How has DON performed over the long run?

DON returned an average of 9.51% a year over the 10 years through December 31, 2025, after fees. Its own index returned 9.91%, and the S&P MidCap 400 Index returned 10.72%. Over five years, DON did better than the S&P MidCap 400 Index, at 10.88% a year against 9.12%. In 2025 it gained 3.91%, while that index gained 7.5%. Its strongest calendar year since launch was 2013, at 33.3%.

Sources

  • 485BPOS prospectus (risk/return XBRL), filed Jul 29, 2026 — SEC EDGAR
  • N-PORT holdings report, filed Aug 31, 2026 — SEC EDGAR
  • Prices: daily prices and distributions through Oct 27, 2026

For education only, not investment advice. Past performance does not predict future results.